Bitcoin broke the support line and fell down towards BigRed where it had found support. Now did a nice pullback but will almost certainly find huge resistance at this level which will be hard to break in these circumstances. The area of resistance where is the blue trend line, 50 days MA, and 0.618 FIB retracement is just the perfect area for bitcoin to stop and...
As I mentioned in the last report, JPM is a weak stock, and the trajectory is against bulls. This rising wedge will break on the downside, and the stock will quickly fall toward 125 and the significant resistance level AKA BigRed. There is just not enough energy and buyers to keep this stock so high. It's game over for now. I'll give it a sell signal even though...
QQQ's daily chart shows that it is currently in a symmetrical triangle formation within a larger symmetrical triangle. As the price is reaching the end of the symmetrical triangle, a breakout is imminent, which will likely be confirmed by higher volume. The current price is below the 20-day moving average, which is bearish, but it is still above the 50 and...
XRP is in symmetrical tringle for some longer period o time. The upper and downtrend lines represent perfect resistance and support for now. Price is moving from resistance to support and back. But in the last 2 weeks, the thing has changed a little bit and the price has had a problem with testing support and is above Bigred aka 200 days MA for some time which...
DJIA has found support at the BigRed level, just as I analyzed in the last report. It bounced back strongly and nicely and is now close to a resistance area. We will have to wait and see what it does next, but for now, it seems more likely to experience a bear pullback than a bullish pattern. Volume does not confirm the price action, as it hasn't moved above 20...
During this meltdown that began in 2022, I have heard many traders discussing the market, conspiracy theories, how predictable it is, how this or how that, and how they can predict what will happen next. However, it is essential to remember certain truths that can help traders achieve consistent profits when it comes to trading. Therefore, I would like to...
NVDA is in a rising wedge, a very bearish pattern if a break occurs. After such a strong rise it is time to cool down and correct it. How far we will see, but BigRed should act as a major support line. At the end of this pump, NVDA formed a bearish reversal candle shooting star. It can not be more bearish than it is. Volume is falling after this huge exhaustion...
SNAP has had a nice pullback after earnings, and now it is low basing on the 50-day MA and at the 0.618 FIB retracement and $10 even dollar amount, which acts as a magnet line. It is unbelievable how these areas of support or resistance are valid if we draw or mark them correctly. SNAP will have to decide if this is a bull pullback or if, after a low base...
The SPY dropped strongly from its high but found support at a major level where there is a Big Red AKA 200-day moving average, a rising trendline, and the Fibonacci retracement level of 0.618 from the lows (December) to the high (February). This level of support is amazing and very strong for now. As I mentioned in the weekend edition (check below), the SPY found...
On the weekly chart, BABA is currently forming a bullish reversal pattern known as an inverted head and shoulders. However, it is also at a critical support level that needs to hold if the bulls want to continue the uptrend. The $85-$89 range has been a strong support and resistance area in the past and needs to act as support now to propel BABA higher. On the...
The SPY weekly chart was in a rising wedge which was broken this week after the bad inflation report and when reality did start to kick in. This indicates that the SPY will likely continue to move down, and possibly sharply. The first major support level could be the green line, the 20-week MA, but it is not likely to hold strongly. The major support level on the...
AAPL has been holding at this level for weeks, despite having had horrible financial results. The reason behind this is retail mama and papa traders who are buying because they hope for a pivot or a soft landing. The reality is completely different, as shown in the recent inflation report which indicates that the Fed will move rates above 5.5-6%, which will hurt...
TSLA had a nice oversold bounce as I predicted in the first analysis. However, TSLA surprised me as my target was 150-160, but the FOMO and HYPE around TSLA are obvious, similar to that around crypto. There is mania with no specific reason in both buying or selling activity. The bounce went to the 0.5 FIB retracement, which is usually the place for bounces to go....
ORCL is currently in a nice bull flag pattern, from which a break could lead to a nice and explosive bullish move. A break above the blue trend line and the blue dotted line would trigger a nice bullish long position with a target of around $95 or more. However, for this to happen, it will require a significant volume. The recent price action is confirmed by the...
COIN recently had a nice oversold bounce and is now consolidating around the BigRed level, which is acting as a magnet line. After a few weeks of strength, it is now showing signs of weakness as it breaks below the BigRed level again and closes the day below it, which is bearish. Additionally, it has broken down from a symmetrical triangle, which is also...
After the FOMO and hype, AAPL has arrived at its resistance level, which it has been unable to break for now. It has now formed a double-top reversal pattern, and with a break below the blue dotted line, the game will be over for AAPL and likely for the whole market as AAPL is a significant part of it. AAPL has also broken below the trend line that has been...
Oil has been in a large falling wedge for the last year or so. Over the past three months, it has started to show some strength, as it has not yet retested the support of the falling wedge, instead finding new support at a trading line. It is impressive how the price is respecting the lower trend and new support line. Oil is currently in a symmetrical triangle,...
DJIA has broken below the symmetrical triangle, indicating the end of the bull market. The price has dropped below the 50-day moving average and trend line with no significant support acting at all. This suggests a weak market with no real buyers while sellers are expected to enter soon. Smart traders are exiting the market, while most retail traders will panic...